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Con Edison Media Relations
For Immediate Release: July 21, 2005

CON EDISON, INC. REPORTS 2005 SECOND QUARTER EARNINGS
Company Reaffirms 2005 Earnings Projection

NEW YORK - Consolidated Edison, Inc. (Con Edison) [NYSE: ED] today reported net income for common stock for the second quarter of 2005 of $115 million or 47 cents a share, compared with earnings of $86 million or 37 cents a share for the second quarter of 2004. The company also declared a quarterly dividend of 57 cents a share on its common stock payable September 15, 2005 to stockholders of record as of August 17, 2005.

"Our solid performance in the second quarter benefited from the continued strengthening of the local economy," said Eugene R. McGrath, Chairman and Chief Executive Officer.

The company's net income for common stock for the first six months of 2005 was $297 million or $1.22 a share compared with $241 million or $1.05 a share for the first six months of 2004.

The following table represents an analysis of the major factors affecting Con Edison's earnings per share for the second quarter and first six months of 2005 compared with the 2004 periods:

Second Quarter
Variation
Six Months
Variation
Con Edison of New York:
    Sales growth (estimated)$ 0.03$ 0.07
    Impact of weather in 2005 versus 2004 (estimated)(0.03)(0.04)
    Electric rate plan (estimated)0.240.24
    Gas rate plan (estimated)0.030.11
    Steam rate plan (estimated)0.040.13
    Increased pension and other postretirement benefit costs (0.04)(0.10)
    Higher operation and maintenance expense(0.04)(0.08)
    Higher depreciation and property tax expense(0.10)(0.14)
    Other(0.01)(0.04)
Total Con Edison of New York     0.120.15
Orange and Rockland Utilities--
Unregulated energy subsidiaries (including parent company)    (0.02)-
Total earnings per share variation from continuing operations $ 0.10$ 0.15
Discontinued operations Con Edison Communications-0.02
Total earnings per share variation $ 0.10$ 0.17

The earnings per share variations shown above reflect the dilutive effect of a higher weighted average number of common shares outstanding in the 2005 three-month and six-month periods (243 million shares in each period) than in the 2004 three-month and six-month periods (234 million and 231 million shares, respectively).

For Con Edison of New York, increased revenues under the electric rate plan that took effect in April 2005 and the gas and steam rate plans that took effect in October 2004 address higher expenses for pensions and other post-retirement benefits, ongoing operations and maintenance, and depreciation and property taxes, and provide a return on capital invested in the energy infrastructure. The increases in pension and other post-retirement benefit costs reflect primarily lower net pension credits from the amortization of previous years' net investment gains and losses. Higher depreciation and property taxes reflect continuing infrastructure investment programs and the commercial start-up of the East River Repowering Project.

For the year 2005, the company confirms its previous forecast of earnings in the range of $2.75 to $2.90 per share.

For the three months ended June 30, 2005, amounts of electricity, gas and steam delivered by Con Edison of New York, after adjusting for variations in weather and billing days in the period, increased 1.5 percent, 2.0 percent and 1.0 percent, respectively, as compared with the 2004 period.

For the first six months of 2005, amounts of electricity, gas and steam delivered by Con Edison of New York, after adjusting for variations in weather and billing days in the period, increased 1.9 percent, 3.2 percent and 2.5 percent, respectively, as compared with the 2004 period.

Refer to the attachments to this press release for the condensed consolidated balance sheets at June 30, 2005 and December 31, 2004 and the consolidated income statements for the three and six months ended June 30, 2005 and 2004. Additional information related to utility sales and revenues is available on the Con Edison Web site at www.conedison.com, select "Investor Information" and then select "Financial Reports."

This press release contains forward-looking statements which reflect expectations and not facts. Actual results may differ materially from those expectations because of factors such as those identified in reports the company has filed with the Securities and Exchange Commission.

Consolidated Edison, Inc. is one of the nation's largest investor-owned energy companies, with approximately $10 billion in annual revenues and $24 billion in assets. The company provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc., a regulated utility providing electric, gas, and steam service in New York City and Westchester County, New York; Orange and Rockland Utilities, Inc., a regulated utility serving customers in a 1,350 square mile area in southeastern New York state and adjacent sections of northern New Jersey and northeastern Pennsylvania; Con Edison Solutions, a retail energy supply and services company; Con Edison Energy, a wholesale energy supply company; Con Edison Development, a company that owns and operates generating plants and participates in other infrastructure projects; and Con Edison Communications, a telecommunications infrastructure company and service provider.

Income Statement (PDF Format)




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